Torrent Power Limited has completed the transaction of acquisition of 100 per cent equity share capital of Surya Vidyut Limited (SPV), a wholly-owned subsidiary of CESC Limited.
Surya Vidyut operates 156 MW of wind power plants spread across states of Gujarat, Rajasthan and Madhya Pradesh. Long-term power purchase agreements (PPAs) for the projects are with respective state discoms for a period of 25 years, with weighted average PPA tariff of Rs 4.68 per kWh. With this acquisition, Torrent Power’s total generation capacity, including under development portfolio, will reach to ~4.6 GW with renewable portfolio of more than ~1.5 GW. The acquisition initiates Torrent’s renewable energy presence in the states of Rajasthan and Madhya Pradesh and strengthen its position in the renewable energy sector.